Equity

6 Months Ended

Jun. 30, 2021

Share Repurchases

In October 2020 our Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock (2020 Share Repurchase Program). Our 2020 Share Repurchase Program does not have an expiration date. All share repurchases under our 2020 Share Repurchase Program will be retired. Under our 2020 Share Repurchase Program, we repurchased and retired approximately 1.6 million and 3.8 million shares of our common stock at a cost of approximately $450.0 million and $1.1 billion during the three and six months ended June 30, 2021, respectively. Approximately $3.6 billion remained available under our 2020 Share Repurchase Program as of June 30, 2021.

In December 2019 our Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock (December 2019 Share Repurchase Program), which was completed as of September 30, 2020. All shares repurchased under our December 2019 Share Repurchase Program were retired. Under our December 2019 Share Repurchase Program, we repurchased and retired approximately 9.0 million and 12.2 million shares of our common stock at a cost of approximately $2.8 billion and $3.7 billion during the three and six months ended June 30, 2020, respectively.

In March 2019 our Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock (March 2019 Share Repurchase Program), which was completed as of March 31, 2020. All shares repurchased under our March 2019 Share Repurchase Program were retired. Under our March 2019 Share Repurchase Program, we repurchased and retired approximately 4.1 million shares of our common stock at a cost of approximately $1.3 billion during the six months ended June 30, 2020.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in accumulated other comprehensive income (loss), net of tax by component:


(In millions)	Unrealized Gains (Losses) on Securities Available for Sale, Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges, Net of Tax		Gains (Losses) on Net Investment Hedge, Net of Tax		Unfunded Status of Postretirement Benefit Plans, Net of Tax		Currency Translation Adjustments		Total
Balance, December 31, 2020	$	1.4	$	(179.0)	$	(8.5)	$	(66.3)	$	(46.6)	$	(299.0)
Other comprehensive income (loss) before reclassifications	(2.0)		90.2		20.2		2.4		(32.6)		78.2
Amounts reclassified from accumulated other comprehensive income (loss)	0.7		48.4		(0.1)		—		—		49.0
Net current period other comprehensive income (loss)	(1.3)		138.6		20.1		2.4		(32.6)		127.2
Balance, June 30, 2021	$	0.1	$	(40.4)	$	11.6	$	(63.9)	$	(79.2)	$	(171.8)


(In millions)	Unrealized Gains (Losses) on Securities Available for Sale, Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges, Net of Tax		Gains (Losses) on Net Investment Hedge, Net of Tax		Unfunded Status of Postretirement Benefit Plans, Net of Tax		Currency Translation Adjustments		Total
Balance, December 31, 2019	$	4.2	$	7.8	$	25.1	$	(32.8)	$	(139.5)	$	(135.2)
Other comprehensive income (loss) before reclassifications	(9.0)		33.2		18.6		0.9		(47.0)		(3.3)
Amounts reclassified from accumulated other comprehensive income (loss)	9.9		(50.6)		(1.8)		—		—		(42.5)
Net current period other comprehensive income (loss)	0.9		(17.4)		16.8		0.9		(47.0)		(45.8)
Balance, June 30, 2020	$	5.1	$	(9.6)	$	41.9	$	(31.9)	$	(186.5)	$	(181.0)

The following table summarizes the amounts reclassified from accumulated other comprehensive income (loss):


(In millions)	Income Statement Location	Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
		For the Three Months Ended June 30,				For the Six Months Ended June 30,
		2021		2020		2021		2020
Gains (losses) on securities available for sale	Other income (expense)	$	(0.4)	$	3.9	$	(0.9)	$	(12.5)
	Income tax benefit (expense)	0.1		(0.8)		0.2		2.6

Gains (losses) on cash flow hedges	Revenue	(30.7)		23.7		(53.8)		50.7
	Operating expense	0.4		—		—		(0.1)
	Other income (expense)	(0.1)		0.1		0.1		0.2
	Income tax benefit (expense)	3.0		(0.1)		5.3		(0.2)

Gains (losses) on net investment hedge	Other income (expense)	0.1		0.9		0.1		1.8


Total reclassifications, net of tax		$	(27.6)	$	27.7	$	(49.0)	$	42.5